Having made strong gains in the past few days due to riskier investment appetites, the cryptocurrency markets have levelled out heading into Thursday, with half a percentage point added to the global market capitalisation of US$858.5bn.
Bitcoin (BTC) is changing hands just below US$17,100, having hit a resistance wall, thus opening the possibility of a retreat to US$17,000 where a strong book of buyers supports the coin.
Bitcoin (BTC) remains heavily compressed following the FTX collapse– Source: currency.com
Ethereum (ETH) topped out at the US$1,300 resistance point before cutting back to the current market price of US$1,280.
If bears maintain the upper hand, ETH could retrace its steps back to US$1,200.
Polygon (MATIC) outperformed its large-cap altcoin competitors with a 5% in the past 24 hours, bringing its market cap above the US$8bn barrier.
BNB, Polkadot (DOT), Litecoin (LTC) and Ripple (XRP) managed to keep losses under one percentage point, while Cardano (ADA) has remained essentially flat with a US$10.9bn market cap.
Dogecoin (DOGE)’s price action remains erratic. Though the meme coin is over 25% up week-on-week due to speculation of a Twitter integration, signs of a cooling off are emerging given the 3% retraction witnessed in the past day.
The same can be said for the Fantom (FTM) blockchain, which also entered a reversal following a 27% rally in the past week.
Other bearish tokens on the charts include internet-of-things project Helium (HNT), Bored Ape Yacht Club’s ApeCoin, and Huobi’s HT exchange token.